Can you really make money in Nigeria?

Published: Wednesday, 31 July 2013 14:47

The question still remains can ‘one’ initiate business in Nigeria successfully. To really put this into context the initial facts must be stated; despite the wildly dispensed rumours and fear mongering Nigeria possesses one of the fastest developing economies in the developing world.

Thousands of multi-nationals are present in Nigeria taking advantage of vast opportunities that the country has to offer. Nigeria is now an exponent of the capitalist doctrine, the American dream can really be achieved here providing you have the correct contacts, network and start up funds. Nigerian entrepreneurs within Nigeria are able to manoeuvre successfully with positive financial gains and hence wish to be provided with the opportunity to invest further and internationally. Nigerians in Diaspora crave the opportunity that security and confidence and information in regards to business opportunities might provide.

Other key factors are local knowledge either via partners, yourself or through government protection or guarantee (usually via the governors). Opportunities present all over Nigeria to exploit and hence accumulate assets like know where else on the continent. Many advantageous situations arise via loop holes within the system which hence provide excellent returns on investment but also many probable pit falls. For example there is little or no real tax regulation or monitoring of financial movements thus allowing for vast sum to be made and extracted from the country.

On the other hand the following problematic issues frustrate all good willed entrepreneurs; a lack of trained staff, a shortage of skilled staff, honest staff, dealing with construction permits, getting electricity, registering property, opening bank accounts as a foreigner, lack of information, getting credit, protecting investors, paying taxes, trading across borders, enforcing contracts. Nigeria’s Business Directory will provide the truth in regards to making business succeed in Nigeria via articles and comments from leading business people.